The Biggest Changes To Small Business Health Insurance In 2017
Gauri Gupta December 06, 2016
Health insurance is confusing for many people, especially if you are a small business owner trying to navigate the ever-changing waters of employee benefits. If you don’t take the time to understand the changes that will affect small business insurance in 2017, it can lead to misunderstandings later on.
One of the most notable changes is the change in filing deadlines. The Affordable Care Act (ACA) is giving employers a longer amount of time to distribute forms to employees and submit their paperwork to the Internal Revenue Service (IRS) for the 2016 tax year.
Here is a preview of the new health insurance laws for next year so you can stay compliant.
New Due Dates for Filing Affordable Care Act Forms in 2017
Business owners must file multiple forms to comply with state and federal regulations. You should be prepared to act quickly in 2017 so you do not miss any important deadlines.
1094 and 1095 Forms
Make Sure Your Company Enrolls The Right Number of Employees in a Health Care Plan
Companies with 51 or more full or full-time-equivalent employees must offer health insurance to 95% of their workforce every month.
If you happen to fall below the Affordable Care Act’s threshold, you could be liable and face strict penalties for every month you did not comply with the law. The IRS could contact your company and ask to see information about your employees and health care benefits.
How to Make Sure Your Company Complies With the Affordable Care Act’s Policies
Many small businesses are feeling the pressure due to more stipulations and stricter deadlines for health care paperwork. However, there are several things you can do to make sure you are following the latest regulations and avoid expensive penalties.
If your company is large enough, hire a dedicated person to monitor your overall health care compliance. They can also create a system of checks and balances to record each employee’s health benefits and provide proof that you offered employees coverage.
Regardless if you choose to hire someone, outsource it to a company, or want to manage Affordable Care Act compliance yourself, your company should have an efficient process in place that will allow you to file the necessary documents on time. You should examine your health care benefits and payroll data every month to make sure you have 95 or 70% of your employees enrolled in a suitable health care plan in 2017.
You also should have documented proof that your company is contributing at least the minimum amount as required by law so you will meet the shared responsibility requirements before the end of the year.